2.3 Role of accounting functional areas/departments within Quiz

Which department is primarily responsible for preparing financial statements?

• Financial Planning

• Management Accounting

• Financial Accounting

• Payroll

What is the main focus of financial planning within an organisation?

• Managing employee salaries

• Preparing tax returns

• Forecasting future financial performance

• Maintaining financial records

Which functional area is responsible for ensuring employees are paid on time?

• Budgeting

• Management Accounting

• Financial Systems

• Payroll

What does management accounting primarily deal with?

• External financial reporting

• Internal financial analysis and decision making

• Tax compliance

• Employee benefits

Which department would handle the installation and maintenance of financial software?

• Financial Accounting

• Taxation

• Financial Systems

• Budgeting

What is the primary purpose of budgeting within an organisation?

• To manage tax liabilities

• To plan and control financial resources

• To process payroll

• To prepare financial statements

Which functional area is responsible for calculating and reporting an organisation's tax obligations?

• Financial Systems

• Payroll

• Taxation

• Management Accounting

What does the financial accounting department typically produce at the end of a financial period?

• Budgets

• Tax returns

• Financial statements

Which department is crucial for long-term strategic financial planning?

• Financial Planning

• Payroll

• Taxation

• Financial Systems

What is one of the main responsibilities of the payroll department?

• Budget allocation

• Tax planning

• Salary disbursement

• Financial forecasting